Flowers Foods is set to buy Hostess bread brands including Wonder bread for $360 million after no other bidder stepped up to make a competing offer. The bankrupt bakery company was set to run an auction on Thursday for the brands, which also include Butternut, Home Pride, Merita and Nature's Pride.

Twinkie lovers, relax: Your snacks are likely to survive, even though Hostess Brands will not. Despite the problems that led Hostess to bankruptcy court, its high brand recognition and strong revenues ensure other companies will bid for at least slices of its baked goods empire.

Hostess Brands says it is going out of business, closing plants that make Twinkies and Wonder Bread and laying off all of its 18,500 workers. The Irving, Texas, company blamed its troubles on a nationwide worker strike.